Brown & Brown, Inc. (NYSE: BRO) today announced its preliminary, unaudited financial results for the third quarter of 2013.
Net income for the third quarter of 2013 was $57,749,000, or $0.39 per share, compared with $49,504,000, or $0.34 per share for the same quarter of 2012, an increase of 14.7%. Total revenue for the third quarter was $359,310,000, compared with 2012 third-quarter revenue of $303,800,000, an increase of 18.3%.
Total revenue for the nine months ended September 30, 2013 was $1,020,114,000, compared with total revenue for the same period of 2012 of $897,202,000, an increase of 13.7%. Net income for the nine-month period ended September 30, 2013 was $169,887,000, or $1.16 per share, compared with $141,408,000, or $0.97 per share for the same period of 2012, an increase of 19.6%.
J. Powell Brown, President and Chief Executive Officer of the Company, noted, "The third quarter wrapped up with $0.39 earnings per share, however one-time, non-recurring acquisition-related expenses accounted for $0.01 per share. Additionally, all four of our business divisions enjoyed strong quarterly organic revenue growth rates, most notably our Wholesale Brokerage Division, with a growth rate of 15.8%."
Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third-party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the United States' seventh largest independent insurance intermediary.
